Find out how robo-advisor OMS API helps wealth tech companies launch faster and run more efficiently along with what an API really is.
Did you know that 90 percent of Uber’s technology isn’t custom? Instead, the company’s code is built on top of APIs provided by platforms such as Google and Amazon Web Services (AWS).
Sounds crazy, but it’s true.
An API is an application program interface, which is a set of routines, protocols, and tools used for building software applications. APIs specify how different software components should interact with each other.
A good API makes it easier to develop a program because it provides all the necessary building blocks. All a developer would have to do in this case is put the blocks together.
To help you visualize, imagine that an API is the middleman between a programmer and an application. The middleman – the API – accepts requests from the programmer and returns the necessary data. It also tells the programmer about what he can specifically request, how to ask for it, and how to receive it.
Basically, APIs make it easier than ever to build technology products and services.
The Benefits of Building Businesses with APIs
Most of the mobile apps and web apps today use open source APIs. In fact, almost every digital tool you use would cease to exist if APIs disappeared.
APIs allow companies to develop light weight apps with functionality and power. APIs can be used to reduce the size of software by connecting the app to a remote service to push files, retrieve data, or manage computations. This helps digital products run with speed and efficiency.
With APIs, you can create new features and benefits with ease. For example, you can have your website or app auto-update with new information, automate the management of your CRM, or even access social media metrics. All of which help you run a better and more efficient business.
APIs for Wealth Tech
APIs have been around for a while now. However, up until recently, the FinTech industry was devoid of any real solutions. Thankfully, that has changed.
Last week Daily Fintech, a blog on FinTech Innovation, posted a series of articles about the impact of APIs on FinTech, including banking and wealth technology. There are now APIs for market data, analytics, OMS and more.
Robo-advisors and other wealth tech companies can now leverage order management system (OMS) APIs that help create trading infrastructure and automate operations. Robo-advisor OMS API can be white label, private label or open (source) API.
With APIs such as these, robo-advisors and wealth tech companies receive numerous benefits.
First, using robo-advisor OMS API significantly shortens your route to market. FinTech is a fast-paced industry, changing almost real-time, so the ability to quickly adapt to new conditions and try different business approaches is critical.
Time is money, and startups relying on robo-advisor OMS API need less startup capital to build the infrastructure. That is #2: reduce the cost of launching a new business.
Lower barrier to entry for FinTech companies in the investment space increases competition, leading to better products and more efficient companies created.
Last but not least, companies using robo-advisor OMS API focus on core business activities such as algorithms and customer experience rather than on building and maintaining software built from scratch.
Technology increases efficiency and helps building more scalable and profitable business.
What should you look for in a powerful OMS API?
All APIs, but especially a robo-advisor OMS API supporting trade lifecycle and back office operations should provide detailed documentation and technical support above all else. This ensures that you have a long-term technology partner that will be ready to help you if the need arises.
Further, OMS APIs should be scalable and customizable so they can grow with your company. Pay attention to how easy it will be to scale up or down the system or adjust it to fit your business needs.
ETNA OMS API is a white label robo-advisor OMS API with back office capabilities. It is one of the most advanced and flexible on the market. ETNA helps alternative investment platforms to set up their entire trade execution infrastructure and automate back office operations without investing a lot into software development. A robo-advisor OMS API by ETNA makes it easy to automate trade submissions, reporting, and trade allocations. It also enables a simple way to track order status, positions, and account balances. Trade management is thus simplified for portfolio managers, robo-advisors, and other wealth tech firms. Our comprehensive API is well documented and comes 24/7 technical support and a convenient subscription based pricing plan.
Contact ETNA today to learn how we can help your WealthTech firm.